Wide Bay Australia yesterday reported an after tax profit of $8.23 million for the six months ending 31 December 2007.
The result represented an increase from $8.06 million registered during the corresponding period in 2006 and was in line with the mutual’s forecasts and expectations.
According to Wide Bay, lending increased by 17.7 per cent to $266 million for the six-month period.
It said demand for loans had been steady and that demand has continued into 2008.
Wide Bay also said its policy for non-involvement with higher risk low doc sub-prime loans and reverse mortgages had proven to be a correct decision by its directors.
“Almost all of the [Wide Bay] loan book carries full mortgage insurance,” the mutual said.
“The focus for the next few months will be to continue the strong lending program and growth of the loan book.”
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